Outsourcing your Commercial Debt Recovery – When is the right time & When is too late?
This is a common question we get asked regularly – when should clients pass their commercial debts to us?
Most of our clients have had long and successful relationships with their clients, and they worry about the impact this has on their business partnerships.
However, as we have seen recently, the financial landscape can change overnight. Three very large UK businesses have appointed liquidators, leaving a trail of financial devastation, leading to serious consequences for all businesses experiencing outstanding invoices.
As a result, over the past few months, we have been inundated with clients raising new recovery instructions due to a high level of concern and industry rumours. The combined principal sums valued more than £4.6 million, unfortunately, most of them left it too late.
After speaking with several Finance Directors and Credit Managers, the position with each of their debtors was very similar. All confirmed they had addressed outstanding payment invoices, they wanted to protect the integrity of the relationship, future contracts and new business going forward, and the expectation to continue dealing with the company for years to come.
Some clients have discussed new and valuable contracts were still being negotiated by other parts of their business, right up to the point the liquidators were appointed.
Even though the age and value of the indebtedness had been on the increase, they were still confident they would be paid. When the final positions became clear, credit teams were pulled together to try and understand how they had ended up in this situation? What more could they have done to protect themselves, what impact has this had on their trading position and what new processes need adopting to safeguard their business and prevent this from happening again?
Securing a relationship with Darcey Quigley & Co would be a great first step
All our teams are fully trained and have operated as experienced Credit Managers previously, we have a real understanding with first-hand experience.
Our years of experience means everything to us and our clients, it’s how we can deliver such a high-quality service and it’s why we continually work with so many worldwide brands – we are a trusted extension of their credit control process and business.
A Professional Pre-Litigation Partner
Darcey Quigley & Co have been trading for 10 years and acts on behalf of some of the UK’s most well-known brands, Managing Director Lynne Darcey Quigley says “I started my business because of the service I received from various debt recovery companies in the industry. I managed a large credit control department and quite often contended with low-level professionalism and a lack of communication; this was very frustrating and I certainly didn’t feel any real collaboration or brand protection”. These form the core brand values of Darcey Quigley & Co – We always protect client reputation and relationships.
Our Brand Values
Our professional approach means our staff is best placed to handle any type of debt from anywhere in the world. We get to the source quickly and where applicable, we will educate debtors and get them back into a normal repayment rhythm ensuring our success rates for our clients is exceptional. “We always protect client reputation and relationships.”
We offer all our clients free advice and a pre-instruction service to discuss each case individually and agree the best solution. For more information call us on 01698 821468 and speak to our pre-litigation recovery team or contact us at [email protected]
Meet our credit management and commercial debt recovery content writer, Declan!
With a keen eye for detail and a passion for educating others, Declan is committed to creating informative and engaging content that empowers readers to get a firner grasp of their credit control to improve their cashflow.
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